LEQ8: 2.95 at 107.50, trading in a range of 2.75
LEV8: 1.85 at 109.225, trading in a range of 1.95
GFQ8: 2.10 at 152.825, trading in a range of 3.10
GFU8: 1.85 at 152.925, trading in a range of 2.75
Cattle Commentary: Cattle futures started the week on firmer footing with August fats near limit up, thanks to technical support last week and a cash trade that didn’t crash like some were anticipating. The bulk of last weeks cash trade came in after the close on Friday from 110-111, 2-3 lower from the previous week. The USDA will release their monthly Cattle on Feed report Friday, we will have estimates for you in the coming days. We have been outspoken about being friendly August cattle against significant support last week, we were working with clients to reduce that exposure today. For clients who like to be more aggressive and wanting to flip, we were recommending going out to the December contract.
PM Boxed Beef / Choice / Select
Current Cutout Values: / 203.76 / 195.67
Change from prior day: / (.38) / (.70)
Choice/Select spread: / 8.09
Live Cattle (August)
August live cattle finished today’s session near limit up as the market accelerated through technical resistance from 105.35-105.65, opening the door to our next pocket which we outlined in previous reports and on RFD-TV this morning as 107.75. We were working with clients in reducing long exposure today despite the positive momentum. The market giveth and the market taketh, and we were happy to get a nice chunk of meat off the bone. For clients wanting to flip or bearish clients, we were using the December contract. If the market is able to chew through resistance, we could see an extension towards....Please sign up for a Free Trial at Blue Line Futures to receive any of our 5 daily reports with all technicals, proprietary bias and levels.
Feeder Cattle (August)
August feeder cattle marched higher today, trading just a stone’s through away from their highest level in nearly 5 months. The chart continues to look extremely constructive after holding trendline support, the 200-day moving average, and a key retracement last week. A breakout above resistance opens the door for a swift move towards....Please sign up for a Free Trial at Blue Line Futures to receive any of our 5 daily reports with all technicals, proprietary bias and levels.
Lean Hog Commentary and Technicals (August)
August futures finished the day down .85 at 69.30, trading in a range of 1.70. In our weekend update and again this morning on RFD-TV we mentioned that Friday’s price action was a caution flag. The fact that the market could not hold a rally Friday was concerning and has kept buyers on the sidelines for the time being. With the market in uncharted territory, it’s a bit of a fool’s errand to try and find meaningful technical support. Contract lows of 68.525 is obviously the first spot to look at, we would not be surprised to see the market go on a stop hunt below this level....Please sign up for a Free Trial at Blue Line Futures to receive any of our 5 daily reports with all technicals, proprietary bias and levels.
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.